Redfin Announces Initial Decline in Listing Prices Since March 

The median asking price for residential properties in the United States experienced a year-over-year decrease of 0.3%, marking the initial decline observed since the month of March. This finding is presented in a comprehensive report released by Redfin, a real estate brokerage firm operated by Rocket.

Additional pertinent information regarding the U.S. housing market during the four-week period concluding on October 11 includes the following:

• The momentum in residential property valuations is experiencing a deceleration. The median United States home-sale price increased by merely 0.5% in year-over-year comparison, representing the most modest expansion rate observed since March. This development suggests that prospective purchasers may anticipate forthcoming relief.
• Mortgage rates remain a critical metric for both homebuyers and sellers. The weekly average mortgage rate reached a three-year peak of 7.4% on October 8th. Daily average rates have demonstrated marginal improvement in recent days, declining to 7.45% on October 14th from 7.61% approximately one week prior.
• The standard homebuyer’s monthly payment has reached $2,777, the highest recorded amount with the exception of the preceding week. This elevation is attributable to elevated mortgage rates coupled with continuing appreciation in home valuations.
• Homebuying demand persists at levels proximate to record minimums. Pending home sales increased 1.5% from the previous week—potentially attributable to the modest rate reduction—yet remained near their lowest recorded levels in data extending back to 2021. This encompasses the conclusion of 2023, when mortgage rates were approaching 8%. Pending sales demonstrated year-over-year declines across all 50 most densely populated United States metropolitan regions.
• Price reductions have attained record levels. As sellers acknowledge the deceleration in price momentum, an expanding proportion are reducing their listing prices: 22% of home sellers maintaining active listings have decreased their asking price, an increase from 20.9% one year prior and the highest proportion in Redfin’s historical records.
• Housing inventory is expanding, albeit at a measured pace. New residential listings for sale advanced 0.4% on a week-over-week basis, whereas the aggregate quantity of homes available for sale increased 0.8%.

Metro-level highlights: Four weeks ending Oct. 11, 2026

Top five metros metros with biggest year-over-year increases in median sale price:

1. San Francisco (18.1%)
2. Detroit (9.4%)
3. West Palm Beach, FL (7.8%)
4. Chicago (5.2%)
5. Newark, NJ (5.1%)

Top five metros metros with biggest year-over-year increases in new listings:

1. Nashville, TN (22.1%)
2. San Jose, CA (20.3%)
3. Boston (12.4%)
4. San Francisco (11.5%)
5. Newark, NJ (8.7%)

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The post Redfin Announces Initial Decline in Listing Prices Since March  first appeared on The MortgagePoint.